Balmer Lawrie draft documents to be circulated in 10 days

NEW DELHI: With the Cabinet Committee on Disinvestment giving the go-ahead to disinvestment of Balmer Lawrie as a combined entity on "as is where is" basis, the transaction documents are set to be circulated among the bidders in the next 10 days, while price bids are likely to be called in March.
The due-diligence has been completed and the draft transaction documents -- Shareholders and Sharepurchase Agreements (SHA, SPA) -- would be circulated amongst bidders for comments in the next 10 days, Disinvestment Ministry sources said.
After various rounds of comments from the bidders and inter-ministerial group meetings, the transaction documents are expected to be frozen sometime by mid-February or February-end, they said.
The CCD which met on December 27 had decided to sell Balmer Lawrie as a combined entity on ‘as is where is basis’.
Those in the race for amalgamated Balmer Lawrie include ABG Heavy Industries, Adani Group, BMW Industries, Orissa Cements, Patton, Gujarat Glass, Srei International Finance, Utam Galvanising, Techno Craft, Sound Craft, Fedders Lloyd, Zim Lines and Maharashtra Seamless.